Remember that dollar liquidity crunch Zero Hedge has been covering for the past month? Here is the denouement, in the form of the first global liquidity bailout of the world for 2011, on the 3 year anniversary of the Lehman collapse.

The Governing Council of the European Central Bank (ECB) has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three US dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year. These operations will be conducted in addition to the ongoing weekly seven-day operations announced on 10 May 2010. The schedule for these additional operations is as follows:

Tender date

Settlement date

Maturity date

12 October 2011

13 October 2011

5 January 2012

9 November 2011

10 November 2011

2 February 2012

7 December 2011

8 December 2011

1 March 2012

These will all take the form of repurchase operations against eligible collateral and will be carried out as fixed rate tender procedures with full allotment. Further information on tender procedures can be found on the ECB’s website.

Information on related announcements by other central banks is available on the following websites:

The Swiss National Bank (SNB) has decided, in coordination with the Bank of England, the Bank of Japan, the European Central Bank and the Federal Reserve, to offer US dollar liquidity with a term of 84 days to cover the end of the year. These tenders will be conducted in addition to the 7-day operations. The first 84-day US-dollar liquidity operation will be carried out on 12 October 2011. Further information about the US dollar operation and the technical requirements are posted on the SNB website (www.snb.ch/en/ifor/finmkt/id/finmkt_usdollars).

BOE Announcement:

In coordination with the European Central Bank, the Swiss National Bank, the Bank of Japan, and the Federal Reserve, the Bank of England is today announcing that it will conduct three US dollar tenders, each at a term of approximately three months covering the end of the year. These tenders will be in addition to the ongoing weekly 7-day tenders of dollar funding announced on 10 May 2010.

As before, these operations will be at fixed interest rates with counterparties able to borrow any amount against eligible collateral. The first tender will be held on Wednesday 12 October. Further details can be found in the Market Notice at http://www.bankofengland.co.uk/markets/marketnotice110915.pdf.

The European Central Bank, the Bank of England, and the Swiss National Bank have today announced the introduction of three-month U.S. dollar funds-supplying operations covering the year end.

The Bank of Japan has so far continued to conduct weekly one-week U.S. dollar funds-supplying operations and monthly three-month U.S. dollar funds-supplying operations. In coordination with those central banks and the Federal Reserve, the Bank of Japan announces here an additional schedule for a three-month U.S. dollar funds-supplying operation covering the year end.

Gentleman, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.

When you won, you divided the profits amongst you, and when you lost, you charged it to the bank.

You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin!

You are a den of vipers and thieves.

Andrew Jackson, (7th US President, when forcing the closure of the Second Bank of the US in 1836 by revoking its charter)

Yeah, I like the 2nd bank of the US history; I always compare Bernanke to Biddle when discussing Keynesians, but obviously, it's "totally different this time". They also usually refuse to discuss the origins of the 3rd bank of the US.

The bottom line is that it looks like a Lehman like event is about to be unleashed on Europe WITHOUT an effective TARP like structure fully in place. Now maybe, just maybe, they can do what the US did and build one on the fly - wiping out a few institutions and then using an expanded EFSF/Eurobond structure to prevent systemic collapse. But politically that is increasingly feeling like a long shot. Rather it looks like we will get 17 TARPs - one for each country.

its funny this perception of reality : boring vs exciting. Its like ginger n spice, turns some on; not others.

Ever heard of good money chasing bad money; pouring precious water down a burst pipe, letting you wife buy on the mall with five credit cards? I could go on... But I like roast turkey just like the next guy.

Be honest: we were promised a major collapse because of the recent dollarfundingcrisis in the eurozone. And now Bennie Beard prints the bucks free! French banking stocks are spiking big time! The doomers better seek another job. Believe me, we're never to get rid of this system, the banksters rule. But merry Christmas, I think further than today. Boring world we live in.

This is emergency short term lending at low rates, coordinated globally. It signals big trouble.

On the Titanic, a fire breaks out due to a large explosion below deck. Captain and crew put out the fire and the cold, bored (boring), passengers give a courtesy clap and believe all is well. No one thinks to ask about the explosion or the steadily increasing tilt of the deck.

The show continues, you will have your tragedy served European style, in 9 courses. Bon Apetit!

A broken market run by criminal private sector Oligarchs, a central banking cartel and its dictatorship, Politicians that run round in agitated circles like clock work orange and people that drown by numbers. George Orwell should be a proud son of Nostradamus in his resting place.

I'll take a shot at that. It means that central banks will be printing money and loaning it to needy banks who will pledge collateral of dubious value. In the short term all the holes get plugged. In the long term the price of everything will be going up, except your wages. Stagflation.

European banks had trouble getting access to USD funds as no one would trust them. So all the cnetral banks decided that they would print the needed money and give it to them in exchange for Greek bonds and pieces of worthless papers. Am I right?

The contrarian view to hyperinflation that I have read is that the money never makes it to circulation since it is going to sit with the banks and so that would not cause any inflation. Is the correct?

No one will lend European banks money short term because they don't trust them (banks don't trust banks). To stem this disaster, they have a coordinated global effort to provide liquidity using the wink wink approach (you give me you're collateral and I'll pretend it's worth what you say it is). Repos are supposed to be over collateralized but something tells me the collateral is "mark to unicorn."

Surreptitious swap line borrowing at the Fed was causing markets to worry, so they've expanded the program radically and announced all is well, business as usual, nothing to see here.

Markets will be fooled by the big, public action.

They are putting as many ad hoc things out there to buffer Greece's imminent default (when Tim Geitner says "no chance" it means in 3 weeks).

It is akin to the crew of the Titanic tossing anything not nailed down into the ocean, in the hopes that the flotsam may provide floatations once we're in the surf.

Tell me how this saves the system.. the way I see it this solves nothing, just makes prices higher, destroys wealth and savings, and brings higher and higher inflation. This just delays the collapse and makes it more painful. However when hyperinflaion comes, no one can stop that, and it's coming.

Fortress Central Banking has risen from the ocean. You may cast your waves of credit, your lack of liquidity, ships filled with the screams of the poor. We will absorb them with paper, cancel them with key strokes and the cries will be quieted and cancelled out. We are the beast of the apocalypse, the four horsemen work at our behest, all shall bow before us in our might.

You will look back on todays affordable prices for the things like food and energy with fondness because they are all going to go up in the months and years to come and when everyone cannot afford to eat or travel or keep warm in the winter then these guys will say ‘we can make things better, you just have to give us more power.’

Stealt stupidity! I was looking to see if someone made the connection! Funny no one has commented in the media. Don't hold your breath for an in depth analysis on the nightly business report. Now we know why the euro turned a few days ago...

Wow! Major global economies are not producing enough good jobs in concert with ORGANIC economic growth, so central banks simply create more currency and put it into circulation. What a concept. I wonder when the great R-E-S-E-T button will get pressed and the whole thing starts over.

Well we now know why the market has been rallying and found this temporary bottom when we all know the market belongs MUCH MUCH lower... this market is so damn rigged that it boggles my mind. Equally if not more mind boggling is the fact that the US Fed is now, once again, bailing out the entire fucking world, destroying the middle class and the value of the dollar, to satisfy their wishes of a NWO. The thing that I am just unable to comprehend with this, is how 1% of the population seems to understand the game that these bankers are playing and what it actually means.. can someone help me out with this? How is it possible that the vast majority of people have no damn clue their wealth and savings are being stolen by devaluation and that an epic world depression is coming?

This week Max Keiser and co-host, Stacy Herbert, discuss a tweet describing them as the Eldridge and Kathleen Cleaver of the financial war. With that in mind, they look at the modern equivalents to the carpet bombing, Agent Orange and Saigon prostitutes of the Vietnam war and observe that Christine Lagarde has 'loved Arab Spring nations a long time.' In the second half of the show Max talks to Zeus Yiamouyiannis of OfTwoMinds.com about the debt jubilee and Crash JP Morgan, Buy Silver.

holy shit....wait a second. if you were going to take the dollar and devalue it overnight...like 2 to 1.

wouldn't it be a great , grreat idea to buy europes' assets ...even the SHIT ones, RIGHT BEFORE you devalue?

i mean in 1 year....we'll have their crap securities and they'll have 50 cents on the amount paid. ---but we paid them as if they were getting fair value.

of course, you could just say we'll accomplish this by a year from now with qe4 qe5 qex.....there isn't a need for an overnight devaluation as they do it in 'less' developed countries with financial problems.

i'm just saying this swap looks like groundwork for qe4 by april or next summer....before the election.